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Shanghai declines 4.1% on concern over inflation

Chinese stocks tumbled Wednesday on fears that the central bank will raise interest rates next week. Those concerns also depressed the Hong Kong market.

In Tokyo, stocks rose modestly as the market reopened following a four-day holiday weekend. Auto and financial stocks led the way on optimistic views about the U.S. economic outlook. But traders say the top-heavy trade shows investors remain cautious about Japanese equities. Energy...